Hong Kong’s NewOcean Energy Holdings Limited plans to build an oil refinery complex in Malaysia’s east coast. NewOcean will partner with Malaysia’s Kuantan Port Consortium Sdn Bhd and the East Coast Economic Region Development Council (ECERDC) Malaysian’s east coast development body.
NewOcean Energy Holdings is listed on the Hong Kong Stock Exchange and is primarily engaged in the sales and marketing of liquefied petroleum gas, natural gas, oil and electronic products.
The Kuantan Port Consortium is jointly owned by IJM Corporation Bhd and Hong Kong’s Beibu Gulf Holding (Hong Kong) Co. Ltd on a 60-40 equity holdings basis. The Malaysian government has a special rights share in the consortium.
“This (refinery) will further strengthen the throughputs that will go through Kuantan Port, which has easy access to China, South Korea, Japan, Australia and ASEAN [Association of Southeast Asian Nations],” said Jebasingam Issace John, ECERDC CEO.
ECERDC announced MYR9.9 billion (USD2.31 billion) of new investments yesterday, including MYR5.1 billion (USD1.19 billion) in the oil refinery complex.
Details on the oil refinery’s capacity and product slate will be finalised later, he said.